While Hurricane Ike was no Katrina, it’s effects on Gulf of Mexico oil production hold strong three and a half days after landfall. The Mineral Management Services report that less than 3% of oil production has resumed in the Gulf as of 11:30am CST today. This means that Hurricanes Gustav and Ike have exceeded EIA projections of 14.5 million barrels in Hurricane-induced outages throughout 2008, with the possibility of another storm hitting the region before the season is over. An oil market report will come out tomorrow to share Continue reading →